Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as chief executive from Peter Anderson on Sept. 1, was previously executive vice president and head of global distribution for WisdomTree Asset Management in New York. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. He received an MBA from Queen's University and an undergraduate degree from Saint Mary's University. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. And then over the subsequent months, just as the markets have improved and as the M&A market, and our story has continued to resonate, we've leaned in a little bit more to acquisitions. In conjunction with the rebranding of CI Investments, CI Global Asset Management, we are phasing out the brands associated with our investment boutiques and moving to an integrated investment management platform under the CI Global Asset Management name. Two increasingly important categories where we are growing our market share. This number only includes our current interest in these companies and does not include any growth or market assumptions. Others are not and reach out to us offline just given there's I guess an appeal of some firms just to transact with CI directly. Please disable your ad-blocker and refresh. These instruments preserve capital, offer stable income and protect against volatility. This approach limits or eliminates the client disruption typically associated with investment platform changes. As Head of Investment Management, Mr. Lewis leads a team of more than 100 investment professionals at CI Global Asset Management and oversees the continued development of the firms integrated global investment platform. (Podcast). You will note that our business was aligned by boutique brands with many of the brands offering competing mandates and capabilities. But if you look at what we disclosed last quarter, what we've disclosed this quarter, Aligned was not in last quarter, they are in this quarter, as are a few other businesses. WebKurt MacAlpine Age : 41 Public asset : 3,482,494 USD Linked companies : CI Financial Corp. Summary Currently, Kurt MacAlpine occupies the position of Chief Executive in mathematics and physics from Universit de Montral. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. When it comes to alternatives, investors should capitalize with caution, Fraud losses in Canada hit new all-time high, Location matters when it comes to family business tax. Were sorry, but we are unable to verify that you are a wealth management professional. He joined CI Financial in May 2021 from WisdomTree Investments, Inc., a publicly traded asset manager where he served as Executive Vice President and CFO since 2008. They see the benefits of scale collaboration a national platform and cross-border referrals. Good morning. We have verified that you are eligible to read Barrons Advisor content for free. articles a month for anyone to read, even non-subscribers! And where do you see the process perhaps being a longer effort to turn the ship around? Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. An error has occurred, please try again later. And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. Next, I will update you on our corporate rebranding initiative. It is more dynamically priced. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. But instead of it being a one-and-done campaign, we're actually using the responses from the particular initial campaign to set up and structure a series of sequential campaigns. So if I summarize, it seems to be an integrated platform and permanent capital. I believe that number right now in terms of the assets at risk is probably in the range of $2.50 billion to $3 billion total. Share this article and your comments with peers on social media, IA Financial Group aiming for dual-registered one wealth strategy, How to support financial planning during uncertain economic times, TD Bank to pay US$1.2 billion to settle Stanford Ponzi scheme lawsuit, CIs U.S. business ready for IPO, CEO says, The unwelcome fallout from the foreign buyer ban, Popularity of corporate-class funds wanes, U.S. Supreme Court rules in taxpayers favour on FBAR issue, Private equity firms may need untapped retail market to grow. During the call, we will cover these topics. I mean, if a considerable improvements on a year-over-year basis, right. The asset management we do look at things opportunistically, but it really has to fit what we're building on the integrated asset and wealth management side. I would say if you think about the journey we've been on the first few deals that we had started with or prioritized were firms that I had professional relationships with in prior lives. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. Kurt Macalpine . 100 University Avenue, Eighth Floor. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit Please go ahead. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. Just looking at your leverage just over two times in your current free cash flow run rate, how are you feeling about sustaining this level of RIA acquisitions? But for those that you actually are doing some level of engagement with are you having to deal with auction type situations and then also two is when you are again in those discussions are you generally closing on them? Thanks and good morning. Please go ahead. The other type of opportunity that could exist would be an opportunity for us to diversify beyond the Canadian marketplace. Asset management flows, where are you seeing the biggest opportunity to move the needle on flows? On one hand you'd see more call it financially oriented buyers that are essentially looking to take equity stakes in individual's businesses and then participating in the ongoing cash flows of those business. We remain focused on controlling costs even as we continue to execute on our strategic priorities. We had another strong quarter as markets and our AUM continued to rebound. His responsibilities included strategic asset allocation, quantitative research and alternative indexing activities, as well as sitting on the executive and tactical asset allocation committees for its Strategy and Planning Department. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. We don't break out the specific numbers. A discussion of the highlights and challenges of the third quarter, a review of our financial performance during the quarter, an update on our sales to date for the fourth quarter, an update on the execution of select items of our corporate strategy, then we will take your questions. I mentioned earlier, we're in the process of transforming our sales function and that the insights from the model has led us to re-cut and reposition some of our sales territories. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). The second thing is that we when you look at our individual businesses we're a $202 billion company. And on day one everything is -- everything that you do is what we do. So when you look at holistically the combination of the pivots we've made on the sales front, the enhancements we've made to the product lineup through the Liquid Alternatives and DoubleLine plus the re-platforming of our investment organization to really make it more modern and integrated. Prior to joining WisdomTree in July 2015, Mr. MacAlpine was a Partner at McKinsey, a global management consulting firm, based in its New York office. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. As a reference, this slide provides an overview of the legacy organizational structure we had in place before the changes. I don't like to give guidance on anything as I think oftentimes it's just guessing. I want to be clear that this is not a forecast. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. In the third quarter U.S. AUM grew 10% to $4.7 billion on net sales of $300 million and market performance. Prior to WisdomTree, Mr. Muni served as Chief Accounting Officer of International Securities Exchange Holdings, Inc (ISE), one of the worlds leading electronic options exchanges, where he lead ISEs successful public offering in 2005. So historically, a lot of our flows and assets sit with legacy MFDA advisers that have been in the industry for an extended period of time. I don't think you'll see us doing straight scale acquisitions in asset management doubling down on capabilities that we already have in markets that we're already present in. A lot of those benefits corporate class changes that have been pushed through the dynamics of the distribution marketplace, where some of those exclusive distribution arrangements have changed a lot of the bank-owned platforms are prioritizing their own strategy. So, we do pass a lot. And now we're at a fascinating place where I probably get a couple of firms reaching out every week directly bypassing a bank or a process just looking to do a deal with CI specifically. So, I would say Scott, it's still very early days. So I would say our business, I think part of the benefit of our business is our singular focus really on the asset and wealth management industry. CEO Kurt MacAlpine isnt having it. And I think we're off to a really great start in Liquid Alternatives. Latest appointments: Dany Pelletier, Executive Vice-President of Investments, FFTQ, Investment scams, notably crypto frauds, drove higher losses. So you've had some redemptions in recent quarters just from some companies that are bringing in-house mandates that you were sub-advising on. It's a smaller portion of the line, Scott. They recognize the need to get bigger. Sure. So I feel fantastic about the progress we've made. I would say our approach to capital allocation overall has been very dynamic. Would those be. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. Mr. Kelterborn also serves as a director of the Canadian Exchange Traded Funds Association and holds a BA from Carleton University and an LLB from the University of Ottawa, and was called to the Ontario Bar in 1992. Organizational structure we had another strong quarter as markets and our AUM continued to rebound allocation has... The vast majority of our redemptions over the past year capital, offer stable income and protect volatility! 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